Bhopal (Madhya Pradesh): The housing and real estate sector can be a multiplier force for growth and for kickstarting investments or capex cycle, said FICCI in their suggestion letter to the government regarding the upcoming budget for new financial year 2022-23.
Housing and construction sectors have forward and backward linkages and impact nearly 200 sectors. The sector needs to be provided holistic support in the upcoming Union Budget. An interest subsidy of 3-4% on housing loans could also be offered for a period of 3-4 years, said the FICCI Madhya Pradesh State Council chairman Dinesh Patidar on Sunday.
The real estate industry has shown real potential in becoming one of the most revenue generating sectors in India, he added. FICCI has further emphasised on the improving and promoting Pradhan Mantri Ujjwala Yojana as it has proven to be a transformative scheme contributing towards improved living of poor households, better health of women and also contributing towards a cleaner environment.
However, with increase in gas prices lately, affordability has become a major challenge for such households for using cooking gas. It is thus suggested that the government should subsidise the usage of 6 -7 cylinders in a year for such households, read the FICCIís letter to the goverment.
MSMEs have been the backbone of the economy, especially during corona times, said Patidar.
The government needs to ensure ease of access to finance for MSMEs. The government could consider increasing collateral-free loans under CGTMSE from the existing Rs 2 crore to up to Rs 5 crore.
To ensure timely payments to MSMEs, it is suggested that there should be automatic publishing of GST registered MSMEs' invoices on TReDS, and these should be deemed accepted and payable by banks, once the date for acceptance or rejection by the buyer is over, the letter stated.
FICCI has suggested constituting the Dispute Resolution Committee at the earliest with competent personnel and monitor its performance in terms of time-bound resolution of cases.
